For Wednesday’s chart analysis, Phil Erlanger said,
Tuesday saw the SPY open at the low for the day and rebounded to move above support at $137.88 when we penned. Then we rallied to above resistance before a complete failure of the move to finish below support. Currently, SPY is attempting to clear pivot at $138.13 but has yet to do that. Another day of trading pivot to support ahead or worse a break again of support? Pay attention to the value lines today as there is a 1:30 p.m. EST President Obama Press Conference and FOMC Minutes due out at 2:00 p.m. EST.
There is one major issue that is coming up as well today on the chart. The SPYDERS are at $137.45 on last look and the 200-day moving average is at $137.32 as of today.
The Erlanger Value Lines can be accessed via Erlanger Chart Room. The daily service gives investors and traders access to critical buy/sell levels on the S&P 500, NASDAQ, DJIA, Oil Services Index, gold & silver, any index or equity, as well as analyzing short-squeeze opportunities and more. For more information we direct you to sign up here.
November 14, 2012
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